Jeremy Vaughn, founder and CEO of Rimark shared the vision of the company at Breakpoint 2023. He discussed the future of creating banking solutions using blockchain technology. He believes that blockchain plays a huge role in modernizing the global banking infrastructure.
Rimark focuses on innovating blockchain-based core banking and payment solutions. It aims to provide a better way to bank by leveraging blockchain technology to create efficient and secure payment solutions for banks.
The company’s focus on blockchain-based core banking and payment solutions aligns with the growing trend of utilizing blockchain for financial transactions and settlements. This approach aligns with the broader industry movement towards user-friendly payments and peer-to-peer transactions. It is particularly beneficial for digital businesses.
A digital world that requires a digital solution
In discussing the current landscape of payment solutions, the CEO said that there is a great need for financial institutions to modernize their core systems, especially in a tokenized world. He acknowledged the challenges many banks faced with outdated backend systems from the ’80s and ’90s and the need for a new core platform.
Furthermore, he noted that Rimark is developing Solstice, a blockchain payment infrastructure that operates on the Solana blockchain, utilizing a deposit token model for recording transactions. This model enhances transparency and fund availability and enables exponentially faster settlements.
Jeremy expressed excitement about Solstice being one of the first permissioned environments on Solana’s network, hosted on Google Cloud.
How Solstice work
He explained that the Solstice Network operates by tokenizing deposits, transforming them into digital tokens. Tokenization is the process of converting real-world assets, like traditional currency or physical assets, into digital tokens on a blockchain. In this case, deposits are transformed into these digital tokens.
Once tokenized, these assets are automatically moved into users’ virtual accounts. This process is designed to streamline and automate transactions, providing a more efficient and seamless experience for users. From the user account, transactions can be carried out seamlessly.
Rimark’s CEO detailed the benefits and services offered by Solstice, ranging from core ledger and currency exchange to bank settlement and treasury management. He highlighted the platform’s versatility in facilitating transactions not only with monetary assets but also with real-world assets, bridging the gap between physical and digital assets.
He revealed that the Solstice Network has embarked on its soft launch, which will lead to a more comprehensive launch.
